Brokerage Morning Meeting Highlights | The logic of bank dividend allocation continues

Yesterday, the three major indices fluctuated and pulled back again after a late-session rally, while the STAR 50 Index showed relatively strong performance. Trading volume shrank sharply, with combined turnover on the Shanghai and Shenzhen stock exchanges at 1.41 trillion yuan, hitting a new low for the year. On the board, concepts such as solid-state batteries, PCB, real estate, and AI applications were active. On the downside, the glass substrate concept weakened, with WG Tech (JiangXi) Group, Caihong Display Devices, and others declining. As of the close, the Shanghai Composite Index rose 0.18%, the Shenzhen Component Index rose 0.34%, and the ChiNext Index rose 0.09%. Huatai believes that the logic of bank dividend allocation continues; CICC believes that demand for electronic cloth is booming, and domestic equipment is ushering in a window for capacity expansion; CITIC SEC believes that real estate is releasing demand and boosting prices. Huatai: The logic of bank dividend allocation continues On September 29, the People's Bank of China adjusted and improved monetary policy tools, involving PSL, relending for scientific and technological innovation and technological transformation, and relending for agriculture and small businesses; the Ministry of Finance and other departments introduced an interest subsidy policy for residents' home purchase loans, providing fiscal interest subsidies for eligible first-home commercial personal housing loans. The two sets of policies were implemented in coordination. Against the backdrop of credit growth shifting from scale expansion to quality improvement and efficiency enhancement, this round of policies highlights the orientation of structural optimization and increases support for major projects, scientific and technological innovation, small and micro private enterprises, and rigid housing demand. It is expected that the central growth rate of bank credit will still gradually slow, and policy will shift toward optimizing the credit structure and improving financing demand in key areas. CICC: Demand for electronic cloth is booming, and domestic equipment is ushering in a window for capacity expansion The AI computing power resonance in 2026 will boost the expansion cycle of specialty electronic cloth. As the second derivative of the industry, weaving machines and others saw significantly increased market attention in 2026Q3. On the one hand, domestic weaving machine equipment is gradually undergoing small-batch verification; on the other hand, the profitability of overseas specialty electronic cloth leaders exceeded expectations, strengthening industrial capital expenditure willingness. Focus on the performance improvement and order fulfillment of domestic electronic cloth weaving machines in 2026H2-2027. CITIC SEC: Real estate releases demand, boosting prices Facing pessimistic market expectations formed by the inertial downward trend in prices, it is expected that policy will still actively boost demand, with supply and demand working together to promote a halt in the decline and a rebound in housing prices. The existing-home sales policy has basically eliminated delivery risks and enhanced consumer confidence. With the support of policies on both the supply and demand sides, around the Spring Festival in 2027, housing prices will stop falling and rebound across a relatively broad range, and the recovery in market sentiment may accelerate noticeably. This article is reprinted from "Cailian Press", GMTEight editor: Chen Siyu.